ITG today announced plans to offer conditional orders for POSIT Alert in Europe.
POSIT Alert clients who choose to enable this functionality will have the option to interact with sell-side conditional orders, providing the opportunity to execute in the POSIT MTF against block liquidity from participating institutional brokers. Buy-side users who choose this feature will be alerted to block opportunities when matches are found.
The conditional order functionality can enhance the significant buy-side block liquidity currently available in POSIT Alert, which averaged $18 billion in indicated daily liquidity in the EMEA region during the first quarter of 2017. Conditional orders are already available as an opt-in feature to POSIT Alert in the U.S. and the functionality will be rolled out for POSIT Alert in EMEA during the second quarter of 2017.
With the MiFID II trading rules nearing on the horizon, there is a greater focus on block trading, said Duncan Higgins, Head of Electronic Products for ITG in Europe. Investors are looking to interact with non-displayed liquidity in a more deliberate way and the conditional orders functionality enables users to access new block liquidity sources while still minimizing their market impact.
New POSIT Alert Records
The new conditional order functionality adds to the strength of POSIT Alerts global crossing capabilities. POSIT Alert set new trading records in the first quarter of 2017, with more than $440 million in average daily value traded in EMEA and more than $42 million in Asia Pacific. POSIT Alert is available to buyside traders to execute in 37 markets worldwide, seamlessly connecting the trade blotters of more than 2000 traders. POSIT Alert averages more than $60 billion in indicated liquidity per day globally, with an average trade value of more than $1.4 million.
